Unlike the child, I'll print the text with newlines. I have two solutions.
The first is tail recursion.
perl -e'sub p{print"I will not throw paper airplanes in the class\n";+
++$x<500&&&p};p'
The second is not really perl. My shell is compiled with readline, so I can type in 500 a's simply by pressing \e500a. So, just type
perl -e'$_="aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
+aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
+aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
+aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
+aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
+aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
+aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
+aaaaaaaaaaaaaaaaaaaaaaaaaaaa";s/a/I will not throw paper airplanes in
+ class\n/g;print'
Knuth has written a lot about solving this problem in TeX in The TeXbook, chapter 20.